Saturday, October 22, 2016

March Real Estate Results: Eastside buyers faced rising prices and competition


Los Angeles house hunters faced more competitive and expensive conditions in March, with prices rising from year-ago levels and sales jumping 38% from February – the biggest month-over-month increase in five years, according to Redfin’s monthly review of sales activity.  On the Eastside,  the number of homes on the market grew but properties on average sold above the asking price in March. In Eagle Rock, the average home found a buyer in only 18 days.

The median price for homes sold across the City of Los Angeles last month  was $575,000. That’s 8.5% higher when compared to March of last year,  according to Redfin.

Conditions were even more challenging for buyers on the Eastside, where the median sales price in March jumped 16.4% from the same month last year to $639,900.  Prices did not go up everywhere: the median sales price in Highland Park dipped 1.5% to $585,000

Here’s a summary of Eastside real estate sales and prices for March :

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